I’ve seen estimates put the materials cost somewhere around the $425 - 500 USD range because of the specific, semi-custom hardware that they’re using. It’s also good to note that Valve will be able to get a better deal than any of us will because they can get bulk discounts and aren’t buying each part at a market rate profit from retail vendors.

Some people seem to be of the mind that it will be somewhere around the $500 - 800 USD range if tariffs and the RAM situation don’t screw with the price, and that it will probably price out the Xbox with Microsoft’s 30% profit demand and be slightly more expensive than the PS5 while having comparable but not quite as much power.